# Table 16: QE Regime Interaction — Income Balance

| Variable | (1) Full baseline | (2) Full + QE | (3) QE only | (4) Non-QE | (5) Full + post-QE | (6) Post-2015 + post-QE |
|:---|---:|---:|---:|---:|---:|---:|
| Z_1 | 41.3648*** | 42.5609*** | 19.1691 | 50.3417*** | -5.7847 | -35.9500 |
| | (15.4488) | (15.5971) | (25.8110) | (18.3693) | (17.8204) | (24.5964) |
| Z_2 | -6.3992*** | -6.6112*** | -3.1537 | -7.9400*** | -0.0949 | 4.5870 |
| | (2.3132) | (2.3415) | (3.4547) | (2.7967) | (2.6663) | (3.5378) |
| Z_3 | 0.2671*** | 0.2768*** | 0.1382 | 0.3363*** | 0.0231 | -0.1720 |
| | (0.0941) | (0.0955) | (0.1302) | (0.1154) | (0.1083) | (0.1404) |
| fiscal_bal_gdp | 0.0590** | 0.0595** | -0.0454 | 0.0664** | 0.0619*** | 0.0534* |
| | (0.0273) | (0.0273) | (0.0289) | (0.0311) | (0.0217) | (0.0276) |
| nfa_gdp_lag | -0.6909*** | -0.6878*** | 0.1445 | -0.7174*** | -0.5735*** | -0.4168 |
| | (0.2204) | (0.2206) | (0.4498) | (0.2453) | (0.2123) | (0.3148) |
| log_rel_opw | -3.2823*** | -3.2646*** | -6.6276*** | -3.1861*** | | |
| | (0.5234) | (0.5231) | (1.2191) | (0.5830) | | |
| kaopen | 0.1722 | 0.1813 | -0.2911 | 0.2917 | 0.4422* | 0.4444 |
| | (0.2052) | (0.2051) | (0.2225) | (0.2366) | (0.2271) | (0.4374) |
| qe_active | | -2.4319 | | | | |
| | | (2.0571) | | | | |
| Z_1_x_qe | | 1.4087 | | | | |
| | | (2.4789) | | | | |
| post_qe_tightening | | | | | -1.9372 | -1.0550 |
| | | | | | (2.4113) | (1.6967) |
| Z_1_x_post_qe | | | | | 1.1019 | 0.3597 |
| | | | | | (3.0795) | (2.1597) |
|:---|---:|---:|---:|---:|---:|---:|
| Dep var | income_balance_gdp | income_balance_gdp | income_balance_gdp | income_balance_gdp | income_balance_gdp | income_balance_gdp |
| N | 3907 | 3907 | 709 | 3198 | 4717 | 1356 |
| R² | 0.1294 | 0.1313 | 0.2215 | 0.1213 | 0.0356 | 0.0340 |
| Countries | 150 | 150 | 23 | 127 | 161 | 156 |

*Panel GLS with AR(1) errors. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*